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New bill would mandate retail lease renewals in NYC

first_imgManhattan Borough President Gale Brewer and Helen Rosenthal (Getty, iStock)A new bill seeks to reform the lease renewal process for retailers by giving businesses the opportunity to extend their leases — regardless of what their landlord says.The City Council bill, introduced by Helen Rosenthal, a Manhattan Democrat, would mandate that for leases greater than one year, landlords notify tenants whether or not they intend to renew 120 days before it expires. If the landlord declines to renew, tenants will have the one-time option to extend the lease by up to one year with a rent increase of no more than 10 percent, as long as they have not previously breached the lease. This applies even if the landlord already has a new tenant lined up, although the current tenant may stay for only 90 days instead of the full year.If a landlord fails to give a tenant the required notice, the amount they can raise rent during that one-year extension can drop to as low as 7 percent.ADVERTISEMENT“Covid-19 continues to exacerbate the chronic struggles small businesses face and we must act creatively and boldly to establish new rights and protections for them that puts them in a better negotiating position with a right to renew their leases,” Manhattan Borough President Gale Brewer, who supports the bill, said in a statement.Read moreLawmakers propose canceling restaurant rent, providing relief for landlordsManhattan retail market awaits recovery as vacancies rise in Q1Bill targets discrimination in home and commercial appraisals The bill aims to give small businesses time to transition to new spaces without shutting down for prolonged periods of time, as well as ensure that landlords don’t have years-long vacancies as they search for a replacement tenant.The bill is informed by a report by Brewer’s Small Business Task Force, whose members include small businesses owners, brokers and property investors. Among the findings are that 19 percent of immigrant small business owners do not have a lease in their name, according to a survey of nearly 100 entrepreneurs.“The lease renewal process is currently a burden on tenants, whose business and livelihood are tied to their space, leaving them in a poor negotiating position from the outset,” the report said.But the legislation applies to all tenants, not just mom-and-pops — so chains, which faced rampant closures during the pandemic, would be covered as well.Industry experts say that by prioritizing the tenants in lease agreements, landlords can be forced into a lease extension that they may not want. James Whelan, the president of the Real Estate Board of New York, called the proposal “legally dubious commercial rent control,” and brokers who work in the retail sector are similarly unimpressed.“This law is painting landlords to be bad guys, which they’re not,” said Brandon Singer, founder of Retail by MONA. “Any business that stayed around, other than a mask store, did so because of their landlord.”Despite the bill’s intention to prevent vacancies from plaguing the city, some brokers don’t believe the bill will achieve that goal. Instead, they say it may simply kick the can down the road.“A landlord could lose a very nice deal,” said Paul Fetscher, the president of Great American Brokerage, which works on retail and restaurant deals. “[Major tenants] have their development programs slotted out for two years.” He added that the legislation may disincentivize retailers from coming to the city.BCD Brokerage CEO Andrew Moger, who works primarily with restaurants, described the legislation as a “solution in search of a problem.”“Tenants should be proactively thinking about what life after their lease term looks like and they should be engaging with their landlord in a conversation leading up to their lease expiration,” Moger said. “If the landlord is not engaging with the tenant, then they should start making plans for life after that lease expiration.”Contact Sasha Jones Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Email Address* Message* Share via Shortlink Full Name* city councilPoliticsRetail Tagslast_img read more

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Buy land, they’re not making it any more.

first_imgWhat is happening to the price of agricultural land? The increase in UK agricultural land values over recent years has been well documented. The price of farmland has risen by 200-300 per cent over the past ten years, although that growth rate hascertainly slowed more recently. Average values, however, do not tell the whole story, as there is increasing divergence between the best and worst quality land.An owner operated poultry farm might suit an experienced investor seeking to generate income, while a tenanted farm may suit a riskaverse institutional investor.Why are corporate investors coming back to the market?Interest from institutional investors has picked up since the global financial crisis. Tangible assets such as farmland are an attractive alternative to conventional financial investments. The fundamental demand for land and its products remains fairly inelastic through economic cycles making farmland a good diversification asset. As food forms a fundamental part of inflation indices rural land assets can also provide a good hedge against inflation.Who else is buying?Demand from farmers seeking to expand their business remains strong, although we may see that part of the market tempered by changes to the terms of borrowing, particularly if commodity prices don’t recover for some time. There is significant interest in the South and South East from those looking to roll over capital gains realised from the sale of development land and those seeking to shelter capital from inheritance tax.What are buyers looking for?That depends on the buyer’s motivation for acquiring land. Traditional institutional investors will typically take a long-term view and will often be prepared to accept a low income for many decades if there is a prospect of ultimately delivering significant capital growth from strategic development or tenancy reversion.The fundamental demand for land and its products remains fairly inelastic through economic cycles making farmland a good diversification asset.Many investors look to acquire land with good quality productive soils supporting a range of crops, which will remain profitable in the absence of farm subsidies. However, lifestyle buyers who are perhaps less reliant on agricultural income, may seek ‘trophy’ assets as a store of wealth and for the amenity benefits they can offer.What does a good agri-investment look like?Again, this depends on an investor’s individual requirements, their appetite for risk, and their time horizons. An owner operated intensive indoor poultry enterprise might suit an experienced private investor seeking to generate income, while a farm subject to a long-term tenancy might be more appropriate for a risk-averse institutional investor.Does agricultural investment represent a good long-term bet?Globally, population growth and changing diets are driving demand for agricultural products. In densely populated countries like the UK, other competing demands for land use including housing, recreation, energy generation, employment, and conservation will continue to support the case for investing in land.What are the main threats currently facing the agricultural industry?Low commodity prices are probably the most immediate threat to farming businesses. In the medium term though, subsidy reform and interest rate rises pose a significant risk to some operations. In the longer term, we need to see new entrants joining the sector if the ageing farming industry is to remain viable.How would a Brexit affect the market?In the short term, a predicted fall in the value of the pound would benefit farmers producing soft commodities, priced by a dollardenominated world market. In the longer term, a Brexit would likely lead to more rapid withdrawal of direct farm subsidies, despite the fact that the UK currency contributes around twice as much to the Common Agricultural Policy as its farmers receive in agricultural subsidies. The rapid loss of subsidies would be catastrophic for some businesses, but in due course could stimulate innovation and drive efficiency.Labour intensive fruit and horticultural producers in the UK, which rely on European seasonal labour, would suffer from any restrictions placed on free movement.What about the issue of water – how does it affect agri-investment? Water is of course a critical ingredient for agricultural production and the timing of annual rainfall is the principle determinant of yield variability. In many regions of the world, nothing can be produced without access to irrigation. In the UK, irrigation is typically used to enhance the yield and quality of higher value crops and to maintain consistency. Irrigation infrastructure and access to sustainable water sources is likely to become more valuable in future as abstraction becomes more tightly regulated and as the climate changes.What are the threats for the future?Agricultural production has got to keep pace with an everincreasing population and productivity gains have been small compared to those seen during the green revolution of the 1960s and 70s.Continuing to meet demand, with a diminishing land base, will require innovation and new technology. Genetically modified crops could be part of the solution. The industry will also need to adapt to long-term climate change, which may alter growing conditions in parts of the world.What are the benefits of agricultural investment?In many underdeveloped regions of the world, responsible investment into the agriculture sector can provide much needed capital to drive productivity growth and create employment. In the UK, the flourishing ‘agri-tech’ sector is reliant on investor capital to fund research and innovation. Bidwells has a long track record of working with investors of all sorts to help make prudent investments and to drive returns.To an investor there are many potential benefits, not least the opportunity to secure superior risk-adjusted returns and a good hedge.agri-investment agricultural investment market Bidwells Roland Bull Brexit buying land 2016-06-08The Negotiator Related articles Calls for ‘green belt’ to be explained to public29th April 2021 Young entrepreneur launches UK’s first ‘modern’ land buying and selling portal15th April 2021 Retail and pub re-openings sparked newbuild sales homes surge yesterday13th April 2021What’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed. Home » News » Land & New Homes » Buy land, they’re not making it any more. Buy land, they’re not making it any more.8th June 20160736 Viewslast_img read more

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Countrywide headquarters face review if Alchemy ‘takeover’ is voted through

first_imgHome » News » Agencies & People » Countrywide headquarters face review if Alchemy ‘takeover’ is voted through previous nextAgencies & PeopleCountrywide headquarters face review if Alchemy ‘takeover’ is voted throughCompany’s Milton Keynes central and London management hubs to be looked at if re-financing deal is approved by shareholders on 18th November.Nigel Lewis3rd November 202001,436 Views Estate agency giant Countrywide has made the prospectus for its £90 million raise via a share-issue based investment via shareholder Alchemy, available online.But the money comes at a cost including a shake-up of its board and a possible restructure at its HQs in Milton Keynes (above) and London, including a potential relocation and examinations of its functions.As we reported last week, Group COO Paul Chapman has already gone.Within the document, Countrywide confirms that it has considered selling off one of its more valuable estate agency chains.It also says that, apart from a recent purge of poorly-performing branches, for the moment it is not planning to reduce its estate further.The new board will be Carl Leaver (left, Chairman), Himanshu Raja (Chief Financial Officer) and Paul Creffied as Group Managing Director, who will stick around until a new CEO is found.Alchemy is to get two non-executive directors on the board, Ian Cash and Ian Neill, to ensure its plans are pushed through.Headquarters evaluation“Following the implementation of the proposed transaction, Alchemy and Countrywide management intend to evaluate the Group’s headquarters and headquarters-related functions,” the prospectus says.“The evaluation will take account of the location of the Countrywide Group’s operations and other relevant factors.”Countrywide want to raise £90 million from investors through two sets of new shares – 48.8 million to be bought by Alchemy and 17.8 million shares to be offered to other existing shareholders.But while the prospectus makes the refinancing deal with Alchemy signed and sealed, there is a long way to go.Crunch time will come at a meeting on 18th November when all shareholders, including its largest (Catalist, Hoskings, Brandes and Oaktree Capital) will get vote on the deal.If other existing shareholders can out-vote the deal then it could fail but the company’s finances are in a ‘precarious state’ and unless an alternative can be proposed that investors prefer, Alchemy and Countrywide will get their way.Read more about Catalist and its approach to the deal.hoskyns Catalist carl leaver Himanshu raja Oaktree Capital Management Paul Creffield Countrywide November 3, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

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Williston Park Teen Tried to Kill Brother Before Himself, Cops Say

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A Williston Park teenager has been arrested for allegedly trying to fatally stab his 14-year-old brother so that the victim wouldn’t be lonely when the suspect killed himself, Nassau County police said.Third Squad detectives charged 18-year-old Ruben A. Renderos with second-degree attempted murder, assault and posession of a dangerous weapon.Police said Renderos  stabbed the vicim with  a kitchen knife multiple times in the back, head, and chest at their home shortly before 8 p.m. Friday.The victim called his parents, who were not home at the time, and asked if they could call the police, prompting Renderos to flee the house on foot, police said.Officers apprehended Renderos shortly later walking on Jackson Avenue near Chaminade High School in Mineola.The victim was taken to a nearby hospital, where he is listed in stable condition while being treated for his wounds.Renderos was released without bail Saturday and is due back in court Tuesday.last_img read more

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Possible Croatian tourist directions in 2021: Croatian tourism desperately needs new energy

first_imgSomewhere in the background, opportunities for creating tourism for seniors or so-called silver generation of the third age which has the financial possibilities and the need to spend its third age meaningfully and profitably for us.  Especially painful is the decline in group arrivals from the markets of South Korea and China, which brought life and liveliness in the pre- and sub-season period throughout Croatia, especially in Zagreb. That would mean pivotal shifting the focus and investment of the operational national tourism market strategy and emerging tactics to the markets of Europe and the United Kingdom.  In the case of Croatia, these are air arrivals from the Far and Middle East and North and South America, but also the potential acceptance of ships in Dubrovnik, Split and Zadar. Uncertainty in assessments of the type “what will happen if there will be” introduces considerable uncertainty and business neurotics and can lead to reaching for the whole arsenal of insufficiently thought-out decisions and even more hasty moves. AND haste brings, as usual, direct and not small economic damage. The solution is to create the conditions for every destination to become and be – ”safecation ” or translated, “safe location”. It is, as you probably guessed, a two-word coin – “safe” and “location”. This also indicates that we cannot, figuratively speaking, have apples and pears. In the current game, which is nota bene imposed on us, not everyone can be satisfied and we cannot court all the domestic actors of the offer and at any cost. The only thing that is certain is that after September follows October, after October November, after November December. And here we are in the tourist 2021. Which just shows that time is inevitably running out. Like sand in an hourglass. third, experientially more specialized, and less “general practice”. In my opinion – we have no other choice for now. Without denying the previous main factor of Croatian tourist advantage, ie those famous tourist ones 4 S: Sun – Sea – Sand – Sex, it’s time to really, step by step come to life and long ago mentioned 6 E tourism: Escape – Education – Ecology – Entertainment – Excitement – Experience. In the approach to the offer, the key substitution of theses is – shorter becomes longer and time – more intense. We understand that now the need for the longest possible total tourist year is really opening up, and not just 3-4 hit tourist months. Our specialized trump cards are now in order nautical, eno-gastro, cultural, sporty (with the inevitable cyclotourism as a sub-segment) and adventure tourism. If the day is known in the morning, the following are likely, of course three tourist tactics orientations in the currently “floating and diffuse” 2021: Forum: Pixabay.com / Illustration: HrTurizam.hr At the same time, this situation requires the most intensive and day-to-day monitoring of the situation (business intelligence) of harmonized and focused national external representations – from the Croatian Tourist Board, the Croatian Chamber of Commerce to the Croatian embassies.  Let’s pull up and roll up our sleeves. Now Croatian tourism desperately needs new hope, emotion and energy. And let’s communicate it clearly, decisively and proactively to all stakeholders in the tourism sector – public and private! They are in the same basket. And let’s not forget – The world loves winners though!  So let’s try to see the cool heads that are to be expected and – what we have to do. At least as far as the initial focuses are concerned. Reports and evaluations of the situation should be performed in the most intensive dynamics and, if at all possible, through standardized forms and consolidated in the Ministry of Tourism and Sports in the established for that occasion. a specialized task-force team, who will be able to have review the game in a weekly rhythm. And thus open space for the Government of the Republic of Croatia, ie the Minister of Tourism and Sports and the Prime Minister himself for faster and more efficient concrete measures in all tourism complementary areas and in ministerial departments – from finance, sea, transport, infrastructure and health. We are talking in principle about “Slow motion” tourism, which in the era of current uncertainty takes the current primacy over “party tourism”. Not every evil is for evil. “Slow motion” tourism opens a new opportunity for innovation and creativity to new and conceptually fresh entrepreneurial generations in tourism.center_img Emotionally more geo-locationally closer, and less locationally farther away The world loves winners  At the same time, this does not mean and does not imply sacrifice at any cost of other markets, but let us remember the old thought that “the broad front also crushed Napoleon.” Perceived more specialized, and less “general practice” The concrete interests of serious investors for the construction and commissioning of a premium resort for this type of audience along the Adriatic, but also in the interior, are already being expressed. Which further strengthens and creates fertile ground for the true revival of health tourism in the full possible scope, which has so far proven itself most in the field of dentistry, ophthalmology and orthopedics. Which, by the way, we are constantly talking about, and there is no way to make a concrete step forward, that is, to invest significantly and specifically in a targeted way – from enlarging the range of offers to targeted and more intensive effective marketing. We have already written about the model of vertical, horizontal and spectral measures of anti virus measures (https://hrturizam.hr/covid-19-era-trazi-moderne-metode-i-nove-tehnologije-za-zastitu-gostiju-i-prostora/) and should not be repeated, but should repeated and uncompromisingly consistently implemented such and other measures. There really is no discussion. Otherwise we will pay a higher price again than we need. Let’s just remember how in the first days of opening after the so-called “Lockdown” humbly wiped the surfaces of tables in the catering industry and even disinfected the seats very often in order to gradually start giving up more and more on the principle “We will easily! They don’t want us here either! ” first, emitting more geo-locationally closer, and less on, The destinations themselves, on the other hand, must introduce a “safecation policy” as consistently as possible, both in the service delivery zone and in internal and external communication.  We are now aiming snipers, not heavy artillery. A decisive battle begins for each individual guest, as announced in the last few years by those who know tourism to the core and who did not allow themselves to be deceived by the successive seductively fluttering repetition of “tourist pluses”. The only question is whether we are mentally and functionally ready for that in the destinations themselves or not. else, receptively more destination-safe, and less debauched, and Talking to colleagues who work in tourism and following everything that is currently being said in our country and in the world about tourism in 2021, I conclude: Only one thing is certain – it is known that – nothing is known.  If we look beyond the horizon, then most of these selective types of tourism have the potential to become an appropriate additional communication and sales platform for the sale of certain types of Croatian products such as nautical vessels and equipment, food and beverages. If the conditions of their production we know, of course, adequately relax, not suffocate. In a pandemic situation, intercontinental or, in the vocabulary of tour operators, “long haul” trips with flights longer than 3 or 4 hours and especially more transfers suffer first, which is logical and well known to everyone. The same goes for cruising. Entrepreneurs and destinations, who live from “party tourism”, must start thinking about how to respond to this challenge. Receptively more destination-safe, and less unbridled  Why are we writing this? Uncertainty breeds insecurity, insecurity brings procrastination, procrastination leads to despair. And hopelessness is the mother of all failures.last_img read more

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US shale heavyweight EOG Resources dips toe in Indonesian oil, gas exploration

first_imgAt 1,940 thousand barrels of oil equivalent per day, Indonesia’s oil and gas output was 10.7 percent below target as of June 2020, SKK Migas data show.However, EOG has signaled plans to focus on existing assets while global crude oil prices were low.“Our first priority is to generate high returns with every dollar we spend even at low oil prices,” said EOG Resources CEO William Thomas in a statement on March 16.Crude oil prices are not expected to recover to 2019 levels until at least 2022, according to several estimates.Oil futures fell again on Wednesday after a sharp slide in the previous session as a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand, Reuters reported.Brent crude slipped 19 cents, or 0.5 percent, to US$39.59 a barrel on Wednesday morning Jakarta time after dropping more than 5 percent on Tuesday to fall below $40 a barrel for the first time since June.US crude, meanwhile, fell 24 cents, or 0.7 percent, to $36.52 a barrel, having fallen nearly 8 percent in the previous session.Topics : Houston-based EOG Resources, one of the United States’ top shale oil and gas producers, is testing the waters of Indonesia for oil and gas exploration.The company recently applied for membership with Indonesia’s Upstream Oil and Gas Special Regulatory Taskforce (SKK Migas) after a two-week work visit in July 2019, said the task force in a statement on Tuesday.EOG, SKK Migas and the Indonesian government are conducting a two-year study, slated to end in December, on potential resources, reads the statement. “We found good early indications of potential unconventional oil and gas in Indonesia,” said SKK Migas planning deputy Jaffee Arizon.EOG declined to comment, explaining in an email to The Jakarta Post that it did not usually do so for activity outside known development areas.Unconventional oil and gas resources, such as shale and tight oil, are more technically challenging and costly to recover than conventional resources for geological reasons.But for Indonesia, a country with declining oil reserves, such resources present an opportunity, however slim, to raise production.last_img read more

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Helix Names New CFO

first_imgHelix Energy Solutions has announced certain changes within its executive management team consistent with the company’s succession plan, effective June 5, 2017. Namely, Erik Staffeldt, who has served as Helix’s vice president – Finance and Accounting since July of 2015, has been promoted to the position of senior vice president and chief financial officer.Furthermore, Tony Tripodo, who has served as Helix’s executive vice president and chief financial officer since June of 2008, will be transitioning to the position of executive vice president and senior advisor. In his new role Tripodo will be responsible for assisting Owen Kratz, Helix’s president and chief executive officer, in continuing to develop the long term business and financial strategy of the company. He will continue to remain involved in the company’s financial planning and in generally assisting with the orderly transition of some of his former responsibilities as CFO.In connection with these appointments, Owen Kratz, president and CEOf of Helix, said: “Erik has earned the confidence of the board and the executive management team and has demonstrated the ability to take on increasing responsibilities since joining Helix in 2009. In addition, Tony’s demonstrated capabilities in managing the financial affairs of the company and his intimate knowledge of the business make him well suited for the new role we have asked him to perform.”last_img read more

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Viking Energy PSV to stay with Statoil for another year

first_imgNorwegian oil major Statoil has declared a one-year option for one of Eidesvik’s platform supply vessels.Eidesvik said on Monday that Statoil exercised a one-year option for Viking Energy. The extension is set to begin in April this year.According to the company, the extension is in direct continuation of the current contract.Eidesvik added that the vessel would be prepared for shore power, and equipment for better fuel consumption measurement would be installed.The previous deal for the vessel was also an extension from November 2015. The extension was for two years, starting April 2016. Under the extension, the contract got a further one-year option.The Viking Energy was built by the Kleven Verft shipyard in Ulsteinvik, Norway. The vessel is 95 meters long and 20.4 wide and can accommodate 20 people.According to AIS data from Monday, the platform supplier is currently moored in Mongstad, Norway.last_img read more

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HydroQuest Ocean 1MW tidal turbine to hit the water in spring 2019

first_imgHydroQuest and its equity partner CMN (Constructions Mécaniques de Normandie) have informed that they will install and commission the HydroQuest Ocean 1MW tidal turbine at EDF’s Paimpol-Bréhat site in France in the spring of 2019. The tidal turbine is currently being assembled at CMN workshops in Cherbourg, France, and will be completed before the end of 2018. The installation at the Paimpol-Bréhat site, planned in agreement with EDF, is expected to start in April 2019, with the commissioning of the turbine scheduled for the spring of 2019 for an initial period of 12 months.The demonstration project, selected by French Agency for Environment and Energy Management (ADEME) through the government-funded ‘Marine renewable energies and pilot river turbine farms’ call for projects, aims to confirm the performance of the HydroQuest Ocean 1MW tidal turbine generator under real operating conditions, prior to commercialization.“After this project, we would like to implement commercial farms at high-potential sites in France and elsewhere around the world. Our goal is to reduce costs over the medium-term to reach a levelized cost of electricity (LCOE) well under 100 €/MWh, thus making tidal turbines an effective alternative supporting the energy transition,” Jean-François Simon, CEO of HydroQuest and Pierre Balmer, CEO of CMN said in a joint statement.The two project partners added that, at the same time, they were awaiting the government’s launch of call for tenders for the first commercial tidal turbine arrays at Raz-Blanchard and Fromveur – the projects said to accelerate cost reductions across the industry.HydroQuest is developing hydrokinetic technology for both river and ocean application. The company installed its first river tidal turbine at the SEENEOH test site in Bordeaux in January 2018 and launched the device at the inauguration of the test site in March.last_img read more

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Digicel hosts its 2011 annual Christmas party in Dubique

first_imgLocalNews Digicel hosts its 2011 annual Christmas party in Dubique by: – December 21, 2011 Tweet Share Sharing is caring! Sharecenter_img Share 15 Views   no discussions Roseau, Dominica: The management and staff of the Bigger, Better Network Digicel brings Christmas cheer to the village of Dubique today Wednesday 21st December, 2011.In this season of giving and sharing Digicel this year has selected the community of Dubique to hosts its annual Christmas kids’ party. The event will take place at the Dubique Community Centre from 2:30pm today with over forty children who will all receive a special gifts from Santa Claus.The kids will be embraced by the Digicel team and the children of employees of Digicel with a delightful feast and harmonious caroling. Digicel, as accustom will raise the bar with its innovation to engage the kids with games, competitions, music and to climax the event a special Christmas movie will be enjoyed by all. Digicel’s CEO Richard Stanton said, “Dominica’s Bigger, Better Network is excited to host its annual Christmas party for the second time in Dubique. This is a community that touched the hearts of the family and friends of Digicel and we are very pleased to celebrate with the kids as they sing along Christmas carols with our staff and open their gifts with smiles”.Press ReleaseDigicel Dominicalast_img read more